The excerpt below is from an interview with Charlie Munger by CNBC's Becky Quick.
Becky asks him what he'd change if he were a "benevolent dictator".
"Well, take the rapid trading by the computer geniuses with the computer algorithms. Those people have all the social utility of a bunch of rats admitted to a granary. I never would have allowed the rats to get in the granary. I don't want the brilliant young men of America doting their lives at being rats in somebody else's granary. That's not my idea of the right way to run the republic. And if you let me write the laws, it wouldn't happen. But of course, nobody's going to do that."
When Buffett was asked what he thought about Charlie's comments he jokingly responded:
Also, earlier in the interview, Becky Quick mentioned that Michael Lewis recently said he thinks the Volcker rule is not enough, and that the rule needs way more teeth. In the interview, Charlie said he totally agrees with Michael Lewis.
Although, if he were making the rule he said he'd make Lewis "look like a piker". Check out the whole interview.
Warren Buffett on Squawk Box
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